PORTSMOUTH – Salve Regina University announced Friday that it has reached a long-term sale and leaseback agreement with The Pennfield School, where the university has purchased the Pre-K-8 private school’s 19 acres of buildings and grounds for $3.4 million.
The purchase, which closed June 29, will provide Salve with asset and stable cash flows, as well as possible new opportunities for student internships and joint programs, the university said. The agreement will also eliminate Pennfield’s debt and allow Pennfield to invest in its resources to move forward on academics, teacher support and building its endowment.
According to its website, Pennfield was founded in 1971 and has an enrollment of about 155 students, most of which live on Aquidneck Island, with 39 faculty and administrators employed at the school. The campus is located in the center of town abutting the Aquidneck Island Land Trust’s Sakonnet Greenway Trail and Glen Farm.
Pennfield’s investments will also support after-school and enrichment programs, workshops, summer camps and various clubs offered to the school community, Salve said.
“I am thrilled that Salve and Pennfield have arrived at a beautifully balanced solution to our mutual needs,” said Rob Kelley, Pennfield’s head of school, in a statement Friday. “I am now able to focus the majority of my time to improving and building new academic programs, while staying true to our mission.”
Salve President Kelli J. Armstrong said in a statement that the university is looking forward to its future together with Pennfield in creating “the best possible learning environments for our respective students.”
James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on Twitter at @James_Bessette.
